Anyone willing to provide auto lease with BK7?

Anonymous · ‎03-10-2009

I'm scheduled to have my BK7 discharged at the end of the month. From what I read, that will provide a 10 or so point jump in credit scores (which should bring me into the 620s or so - we had a few lates prior to filing BK). I've got a good income (BK caused by bad decisions and excess spending rather than lack of income), and I am looking to lease a new car. Does anyone have any suggestions on auto lease companies that are BK-friendly (or at least BK-tolerant)? I am comfortable with a pretty good-sized down payment (deposit or cap cost reduction or whatever they call it) and I understand that the rate will be higher (although I don't want to get totally hosed, if possible).

Thanks.

Guardian · ‎03-10-2009

@Anonymous wrote:
I'm scheduled to have my BK7 discharged at the end of the month. From what I read, that will provide a 10 or so point jump in credit scores (which should bring me into the 620s or so - we had a few lates prior to filing BK). I've got a good income (BK caused by bad decisions and excess spending rather than lack of income), and I am looking to lease a new car. Does anyone have any suggestions on auto lease companies that are BK-friendly (or at least BK-tolerant)? I am comfortable with a pretty good-sized down payment (deposit or cap cost reduction or whatever they call it) and I understand that the rate will be higher (although I don't want to get totally hosed, if possible).
Thanks.

Ford Motor Credit used to always be very very BK friendly and they have always been pretty reliable. They gave me a loan at Tier 1 with great interest about 6 months after my BK back in 2001. However, given the current market, I am not sure. I assume since they are the only ones not asking for bailout money, they might still be willing, worth a shot and maybe you can ask them.

Common Abbreviations|FDCPA|FCRA

Starting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800

Anonymous · ‎04-16-2009

Hello:

Can you tell me how you made out? I am in the same boat. Except I will not have a lot of cash to dish out.

Anonymous · ‎04-16-2009

@Anonymous wrote:
Hello:

Can you tell me how you made out? I am in the same boat. Except I will not have a lot of cash to dish out.

After looking at the cars I was interested in, I was universally turned away (not even turned down - they didnt even want to bother with my application). Granted, these were relatively upscale foreign cars, and it seems that the domestic dealers are much more ~~desperate~~ forgiving at the present time (I just couldnt find one that Iiked). I ended up taking my down payment and just buying a used car for cash (which probably makes more sense in the long run even though it's not what I originally wanted).

Sorry for the discouraging news.

Anonymous · ‎04-16-2009

I believe it depends on your scores. My FICO score for EQ is 637. I was able to get a loan 4 mos ago from my credit union. My b7 was discharged in 7/08. Credit union approved me at 11.99 percent. I have also read that Capital One Auto loans are very bankruptcy friendly.

Anonymous · ‎04-17-2009

I know they aren't a favorite around here but my auto loan is with Cap 1 @ 9.9% however, I bought my car about 10 months after my bk7 was discharged.